Nomura Securities downgraded General Electric (NYSE: GE) from Buy to Neutral with a price target of $24.00 saying the positives are already reflected in the stock.

Analyst Shannon O'Callaghan comments: "GE has made key positive steps in the last few years and sentiment has turned more positive. We applaud these positives, but we think they are now reflected in the valuation adjusting for accounting differences. The P/E (adjusted for accounting differences) is now in line with premier industrial peers despite GE still getting 40-45% of its earnings from GE Capital. On a comparable GAAP pension basis, we estimate GE’s 2013 P/E is 15.7x, which is a slight premium to peers EMR, UTX, and MMM. Given the 40-45% of GE’s earnings still coming from GE Capital, this implies GE’s industrial earnings are already being awarded a premium P/E. GE has made a lot of progress in the last few years, and we think portfolio moves such as these could be important next steps. At this stage we think a lot of the good news is priced into the stock, and we see more potential for outperformance elsewhere in our sector."

The firm sees FY13E EPS of $1.70 and FY14E EPS of $1.87.

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